What is the National Registry of AMCs?
The National Registry of AMCs (AMC Registry) is the national database of appraisal management companies (AMCs) maintained by the Appraisal Subcommittee (ASC). Any AMC that meets the federal definition of an AMC, or is a federally regulated AMC, must be included on the AMC Registry. State regulatory bodies are tasked with collecting the data and fees required for inclusion on the AMC Registry.
Texas Appraiser Licensing & Certification Board (TALCB) has developed a simple, online Registry portal for reporting AMCs to the National Registry of AMCs.
TALCB Webinar regarding AMC Registry
TALCB will consider rules to implement its process for reporting AMCs to the AMC Registry at its November 15, 2019 meeting. The rules, if adopted, will take effect January 1, 2020. In anticipation of adoption of these rules, TALCB is hosting a free webinar on Monday, December 9, 2019 at 2 PM to demonstrate the process and answer any questions you might have.
Please REGISTER for this free webinar. Registration Closes at 5PM on Friday, December 6, 2019.
What is the process for submitting the required data and fees to TALCB?
Beginning January 2, 2020, AMCs can log on to their Online Services account from the TALCB website and access the AMC Registry Reporting transaction from the drop down menu. As you move through the AMC Registry Reporting transaction, you will need to answer a series of questions and provide the number of appraiser panel members who performed work on one or more covered transactions during the previous calendar year. The AMC Registry fee is based on the number of appraiser panel members reported and is automatically calculated and collected online.
Some important things to note:
- The annual AMC Registry reporting period is based on a calendar year. The initial reporting period will be January 1, 2019 – December 31, 2019.
- A “covered transaction” is defined as any consumer credit transaction secured by the consumer’s principal dwelling.
- The AMC Registry fee is calculated by multiplying the number of applicable appraiser panel members reported times twenty-five dollars ($25.00).
- This information and fee required annually for the AMC Registry is separate and distinct from your Texas AMC license renewal (which covers a two-year period).
The AMC Registry Reporting transaction will be available between January 2 and March 31, 2020. This will allow each AMC sufficient time to provide the required information and pay any required fee (if owed). The TALCB must submit information to the ASC for inclusion on the AMC Registry by the required May 1, 2020 deadline. Any information or fees submitted and paid by an AMC after April 15, 2020 will be considered late and non-compliant and may result in the assessment of a late fee or disciplinary